Rt. Hon. Abbas Tajudeen Abbas
House of Representatives has commenced legislative action to establish a Nigerian Fintech Regulatory Commission (NFRC) as a single, specialised authority to license, supervise and regulate financial technology operators across the country.
The move followed a public hearing on a “Bill for the establishment of the Nigeria Fintech Regulatory Commission and related matters” convened by the House Committees on Digital and Electronic Banking; Banking Regulations; Communications; Science and Technology; and Capital Market and Institutions.
During the hearing, lawmakers and industry stakeholders examined the legal and institutional implications of creating a unified regulator for the fast-growing sector.
Declaring the hearing open, the Speaker of the House, Abbas Tajudeen, said the proposed commission was intended to eliminate regulatory fragmentation, remove duplication of functions and provide clarity for investors and consumers in Nigeria’s expanding digital finance ecosystem.
He noted that fintech had become a central driver of financial inclusion, youth employment and innovation, with Nigeria emerging as one of Africa’s leading hubs for digital payments, blockchain solutions, digital assets and embedded finance.
The Speaker said the commission would function as a coordinating and complementary body, focusing on emerging areas not fully captured under current frameworks.
Sponsor of the Bill, Fuad Kayode Laguda, said the absence of a single regulatory authority had compelled fintech operators to interface with multiple agencies, thereby creating operational bottlenecks and regulatory uncertainty.
Chairman of the House Committee on Digital and Electronic Banking, Emmanuel Ukpong-Udo, described the bill as a strategic step towards building a responsive and forward-looking legal framework for Nigeria’s digital economy.
Meanwhile, stakeholders in Nigeria’s financial technology (fintech) sector have raised concerns over a bill seeking to establish a fintech regulatory commission.
The reservations were raised yesterday at a public hearing organised by the Reps joint committees on digital and electronic banking, banking regulations, science and technology, communications, and capital market and institutions.
They argued that the commission would duplicate functions currently performed by the Central Bank of Nigeria (CBN).
The Vice President of public and government affairs at OPay digital services said the company supports the objective of strengthening regulatory oversight in the fintech space, but cautioned against creating a parallel authority that could overlap with existing agencies.
Loko noted that the CBN currently exercises primary regulatory authority over mobile money operators, payment service providers and digital banking platforms, while other agencies such as the Nigeria Data Protection Commission (NDPC), and the Federal Competition and Consumer Protection Commission (FCCPC) handle data governance and consumer protection issues, respectively.
Loko warned that Nigeria’s fintech sector “thrives on speed, clarity and predictable rules” and that fragmented supervision could slow innovation.
The Managing Director of FairMoney Microfinance Bank also raised concerns about dual oversight under the proposed framework.
He said it would introduce regulatory duplication and complex compliance coordination, adding that tech-enabled services such as loan applications, digital KYC and mobile channels may require additional licensing or registration.
However, the Association of Telecommunications, Information, Technology, Cable Satellite Network Operators and Allied Services Employers of Nigeria (ATICEN) expressed support for the bill.